FCA’s latest survey looking at consumers’ financial situations, products they choose and their experiences of engaging with firms was updated in October to look at how consumers are coping with the pandemic.
The updated survey found 27.7m adults in the UK have at least one characteristic of vulnerability – up 15% from the February 2020 survey. By the end of 2020, 14.2m adults had low financial resilience. Around 30% of adults were expecting their income to fall and 25% thought they would struggle. 16% thought they would take on more debt to help them through – with 17% of respondents having taken a mortgage payment deferral.